Whenever you make a large purchase, it is important to ask the right questions. Consult Glenn Esterson, The MHP Expert for all mobile home needs.
What to Ask an MHP Owner
Let’s start simple. What should you as a buyer be asking a Mobile Home Park owner? Well first things first, the basics. Make sure you have the correct park name and address. Your next primary question should be the seller name(s), owning entity. Owning entity simply is an entity that is recognized under the state of law, other than the owner that has owner holds, direct or indirect beneficial interest. While we are in the process of gathering names, go ahead and ensure you have any and all partner names. Finally, it is necessary to get a little history on your next potential purchase. You need to know when the MHP was purchased, and what is their reason for selling. The last question can potentially save you from a poor investment.
Just in case this is a lot to remember, please reference our MHP Expert Must Ask Questions Checklist.
General Park Information to Stay Abreast of
Now that we got basic formalities out of the way, let’s dive into the larger picture, any general park information. Is the MHP for renters or owners? What is the exact property size? What year was the mobile home park built? Is the park expandable? What needs to be done in the next few years? We know that all this can feel overwhelming. That is why The MHP Expert works hard to ensure that purchasing a mobile home park is a smooth process. Outside of internal park questions, it is good to ask about the reputation of the current park. How does the city feel about the MHP? Are all the property taxes and POH taxes currently paid? We don’t want you to purchase your mobile home park and then feel trapped. Knowing the answers to general questions like flood zone information and what capital improvements have been done, ensures you a successful future with a great ROI.
Get Friendly with the Park’s Manager
Last, but certainly not least. Get to know the MHP Management staff. In order to have a smooth transition of ownership, it is important to form a respectful relationship with the current management. Let them know your potential plans for the park. As pivotal as it is for them to meet you, it is just as necessary for you to get to know them. Confirm that you have their name and number, in case you need to contact them. Find out how they are compensated, checks, direct deposit, hourly, salary? How many employees does the park require and currently have? And finally, make sure that management is even aware that the owner is contemplating selling the park. Do not leave any surprises. The MHP Expert will make sure that you are getting the best value for your dollar when you use the MHP Broker, Glenn Esterson.
For any and all MHP related questions and services, there’s the MHP Expert.
Check out our services page to learn more.
Never wonder what to do, The MHP Expert will guide you through. Check our MHP services and get a free evaluation today.